It has also set other tasks for the city, including completely fulfilling the estimate of budget collection, establishing 46,000 new enterprises, cutting poverty rate by 1% in line with the sustainable poverty reduction programme during 2016-2020, and generating jobs for 130,000 labourers.

At the meeting, the council also approved a resolution on implementing the National Assembly’s Resolution No. 54 on piloting specific mechanisms and policies for the city’s development.

It has assigned the municipal People’s Committee to promptly work on projects regarding wage reform, fees and taxes, social investment mobilisation and decentralisation, among others.

In her closing remarks, Chairman of the HCM City People’s Council Nguyen Thi Quyet Tam, pointed to difficulties and challenges facing the southern metropolis, saying its competitive edge is reducing.

She underlined the need for the People’s Committee to take stronger measures to materialise resolutions, with attention paid to creating an open and transparent investment environment, raising public trust and fighting corruption and wastefulness effectively.

Earlier, the council approved a resolution on support for officials taking early retirement, under which the city will spend about VND380 billion (US$16.72 million) from now till 2021 on 1,062 officials who retire before the usual age.

According to the municipal People’s Committee, the city recorded 41,217 newly-established businesses with a total registered capital of VND577.36 trillion this year, up 13.4% in volume and 92.4% in value. The city encouraged 3,062 business households to switch their status to businesses.

The local economic growth is expected to hit 8.25% this year while revenue to the State budget would near VND348 trillion (US$15.46 billion), or 100.03% of the estimate, up 12.94%.